Interesting, this happened and we went into a trading halt!
Your Government Approves Long-Term Licence for Liquid Natural Gas Exports (Feb. 28, 2013) March 1, 2013 O T T A W A – Last week, Minister of Natural Resources, Joe Oliver, made an announcement that will greatly benefit the people of Yellowhead. While in Vancouver, the Minister announced the approval of a long-term export licence to LNG Canada Development Inc. to export liquefied natural gas from the terminal proposed by the Shell consortium in Kitimat, British Columbia.
This announcement represents the latest milestone demonstrating how responsible development of Canadian natural gas is benefitting jobs and long term prosperity in Western Canada and across our country. This announcement will undoubtedly benefit our riding after the discovery of the Duvernay shale gas field, which could prove to be one of the largest in the world. In fact, the Duvernay play, while a significant development for our own local economy, may actually prove to be the next major development for Alberta’s economy as well.
Your government is aggressively working to open new markets for our natural resources in the fastest growing region of the world – Asia. One of the most interesting opportunities for us is the Japanese energy market, as it increasingly moves away from nuclear and towards the alternative of natural gas for its energy needs.
Currently, 100 percent of Canada’s natural gas exports are to the United States. However, global energy demand is expected to increase by 35 percent between 2010 and 2035, and Canada is well poised to support that demand. The approval of the licence demonstrates the momentum of our burgeoning liquefied natural gas industry and the efforts underway to access world markets.
The LNG licence is the third long-term licence issued since 2011. This 25-year licence allows for up to 24 million tonnes of liquefied natural gas to be exported per year, making it the largest licence awarded to date. If this project and the four other proposed LNG projects for British Columbia go forward, they could generate more than $1 trillion in economic activity over the next 30 years.
The prospects for Yellowhead, in this case, are tremendous. With the boom of the Duvernay play already being felt by the riding, the announcement of the terminal in Kitimat will ensure that we can get our resources to the markets that have the highest demand. I am very optimistic of what this means for the businesses and families of our riding.
The approval of the LNG licence is the latest way in which your government is supporting Responsible Resource Development. We have streamlined the review process for major economic projects by providing predictable timelines for project approvals. This is starting to prevent the long delays that kill potential jobs and stall economic growth by putting valuable investment at risk.
Your government shares the priorities of the people of Yellowhead and of all Canadians. That is why we have acted swiftly to implement our plan for Responsible Resource Development to capitalize on the emerging economies in Asia and to create even more jobs and growth here in our own economy. The approval of the LNG licence is just another step in the right direction for Yellowhead’s economy, and indeed for the Canadian economy as a whole.
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MKE Price at posting:
12.0¢ Sentiment: Buy Disclosure: Held
